Darren Entwistle, Member of the TELUS Team RBC Capital Markets Europe Investor Meetings March , 2004

2 table of contents about TELUS 4 strategy corporate priorities corporate priorities37 investor considerations41

3 This presentation contains forward-looking statements about expected future events and financial and operating results that are subject to risks and uncertainties. TELUS’ actual results, performance, or achievement could differ materially from those expressed or implied by such statements. For additional information on potential risk factors, see TELUS’ Annual Information Form, and other filings with securities commissions in Canada and the United States. TELUS disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All dollars in C$ unless otherwise specified. forward-looking legal disclaimer

4 about TELUS  Canada’s 2nd largest telco  Executing national growth strategy focused on data, IP & wireless  2004 estimate 1 : Revenues $7.45 to 7.55 billion EBITDA 2 $2.95 to 3.05 billion EPS $1.05 to 1.25 Net Income $370 to 440 million Free Cash Flow $1.13 to 1.23 billion  Operating segments:wireline: TELUS Communications wireless: TELUS Mobility  Enterprise value:$16.4 billion  Daily trading 3 :1.1 million shares 1 Targets announced December 18, Earnings before interest, taxes, depreciation & amortization 3 Recent 3 month average. TSX: T, T.A; NYSE: TU

5 TELUS Communications segment ILEC: full service in W. Canada and E. Quebec Non-ILEC: data & IP for business in Central Canada Revenue (2004 est.) 1 $4.8 to 4.85 billion EBITDA (2004 est.) 1 $1.975 to billion Network Access Lines4.9 million Total Internet Subscribers881,000 (562,000 high-speed ) Fibre IP backbonenational Strategic allianceVerizon Communications 1 Targets announced December 18, 2003

6 TELUS Mobility segment 31.7 million: Cdn. PopulationLicensed POPs 29.9 million (93%)Network coverage Verizon Wireless & NextelStrategic relationships best in CanadaSpectrum position only one in Canada (Nextel in US)iDEN Mike network coast to coast 1XCDMA footprint $975 million to billionEBITDA (2004 est.) 1 $2.65 to 2.7 billionRevenue (2004 est.) millionSubscribers leading Canadian national wireless provider 1 Targets announced December 18, 2003

7 evolving our business delivering on our strategy

8 tracking against strategic imperatives 2000  provide integrated solutions 2. partner, acquire & divest as necessary 3. invest in internal capabilities 4. build national capabilities 5. focus on growth markets of data & wireless 6. going to market as one team … to unleash the power of the Internet to deliver the best solutions to Canadians at home, in the workplace and on the move.

9 4. build national capabilities TELUS’ infrastructure – 2000

10 Mobility Jan 2000Dec 2003  PoPs covered (millions)  Mike (iDEN) (millions) -24  Generation 1G2.5G Communications  Ont/Que cities 338  Co-locations 288  Customer POPs 5213  Fibre lit (km) 011,800  Platform StentorTELUS  Network Circuit-basedNext Generation (NGN) national transformation

11 build national capabilities TELUS’ national infrastructure

12 TELUS NGN IP applications in market today  TD Bank Financial Group win Oct  $160 million, 7-year contract for managed data solution – largest network migration in Canada  NGN with IP VPN security & enhanced services cannot be matched by competitors  IP-One  launched Nov  first carrier-grade hosted and managed telephony application for business in Canada  full suite of IP-based advanced services integrating voic , , data & images via secure online Web portal

13 NGN application  IP-One “Telus Corp. yesterday leapfrogged larger rival Bell Canada…” Dave Ebner, Globe & Mail, Nov. 18, ’03 “TELUS positioned to ride IP wave, Bell is years behind its western rival in IP telephony…” Andrew Wahl, Toronto Star, Nov. 24, ’03

14 TELUS IP-One achieves recognition  recent winner of “2003 Product of the Year” award from Technology Marketing Corporation (TMC) Communication Solutions  recognized as “Top National Advanced Technology Solution” by Cisco Networks

15 Revenue (mil.) EBITDA (mil.) TELUS wireline operations in Ont. & Que. have significant scale & are generating profitable growth 1 Includes TELUS Quebec & TELUS non-ILEC operations except 2000 Central Canadian wireline 1 growth ~$900 $845 ~$145 $ E $4 Jan. 2000

16 $5.7B 2003 $7.1B Local Voice Wireless Data 30% 33% 19% 4% Other 14% LD data & wireless revenues from 28% to 52% in 3.5 yrs. 5. focus on growth markets of data & wireless 43% 18% 10% 6% Other LD Wireless Local Voice 23% Data consolidated revenue profile evolution 1 12 months ended June 30, 2000

Subscriber base Net additions (000s) market share grew from 10% to 38% at the end of 2003 high-speed Internet growth ~125 ~ E

18 (000s) increase of 2.2 million subscribers in last 3 years wireless subscriber net additions targets 2,996 2,578 1, ,424 Subscriber base Net additions E 3,800 to 3, to 425 1,

19 $630M 1.4M EBITDA growth subscriber growth TELUS achieves profitable subscriber growth executing our strategy for profitable growth Source: Company reports. Sum of reported net adds & wireless EBITDA for BCE, Rogers Wireless, Microcell, TELUS Mobility TELUS Mobility 45% 30% TELUS Mobility 2003 wireless industry

20 TELUS MobilityRogers WirelessBCE Wireless $55 $45 $47 ARPU continued industry leadership Source: Company reports $57 $47 $48 industry ARPU up year over year Microcell $40 $38

21 BCEAWE 2.7% 2.6% 1.6% 2.0% 1.8% 1.5% 1.4% TELUSVerizonSprint PCS RogersNextel 3.2% CingularMicrocell 3.0% 1 2.7% T-Mobile TELUS’ 2003 churn rate remains top-quartile wireless growth & performance 1 T-Mobile USA Q3-03 YTD churn rate 2003 churn rates

22 generating cash flow growth ($M) 746 1, Communications significant  in YoY cash flow (EBITDA less capex) 52% Mobility 508%

23 6. going to market as one team Strong brand identity across TELUS

24 strong brand awareness

25 TELUS advertising top ranked Leger Marketing national poll - Jan 2004 No. 1 in awareness No. 3 in likeability

2003 corporate priorities

TELUS corporate priorities  enhancing wireless performance  improving Central Canada profitability  improving levels of customer service  delivering operational efficiency  reaching a collective agreement  strengthening financial position On track? 2004

28 delivering on operational efficiency program Cumulative 1 Cum. 1 Targets TELUS Communications 7,5007,300 3 Savings ($M) Refers to the duration of the Operational Efficiency Program, June 2001 through December As disclosed in management's discussion and analysis in the 2002 TELUS Annual Report in 2001; 6,500 in 2002 & Actual Results Customer contact centres closed or consolidated Communications phone store closures met or exceeded all OEP targets N/A 550 Net staff reductions

29 reaching a collective agreement  Feb. 16, CIRB-imposed deadline: TELUS filed CIRB application for reconsideration of Jan. 17, 21, 26 and 28 rulings  imposed communications blackout on TELUS  required TELUS to offer binding arbitration to union with no time limitations on process  disagree that communications violated accepted practices and labour laws  TELUS has requested reconsideration  TELUS also filed appeal with Federal Court of Appeal  arbitration discussions with union and federal mediators continue

30 strengthen our financial position significant increase in earnings & cash flow Change Revenue$7.0B$7.15B  2.0% EBITDA 1 $2.52B$2.84B  13% Net Income$(229)M$332M  $561M EPS$(0.75)$0.92  $1.67 Capex$1.7B$1.3B  26% 1 EBITDA excluding restructuring & workforce reduction costs

31 improving free cash flow 1 FCF leading to significant debt reduction $(1.14)B $(140)M $1.13B to 1.23B 2004E $845M 1 EBITDA, adding Restructuring & workforce reduction costs, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures and cash restructuring payments.

– deleveraging 45 to 50% long term 53.0%56.6%Net Debt : Capital Q4-03guidanceQ4-02 significant increase in free cash flow results in deleveraging well ahead of targets <3.0X (original) 2.6X3.3XNet Debt : EBITDA <2.2X (long term)

33 credit rating update  Mar. 2/04 – Moody’s upgrade to ‘investment grade’  Dec. 18/03 – Moody’s rating review for ‘possible upgrade’  Sep. 12 – Moody’s outlook to ‘positive’ from ‘stable’  Aug. 8 – S&P outlook to ‘stable’ from ‘negative’  June 16 – DBRS trend to ‘stable’ from ‘negative’  May 28 – Fitch outlook to ‘stable’ from ‘negative’  April 16 - Moody’s outlook to ‘stable’ from ‘negative’ credit ratings are lagging indicators of strengthened financial position

34 TELUS bond performance (Jul 24/02 – Mar 2/04)

35 % PCCWBTVZAliant SBC Sprint 2003 global telecom performance EBITDA 1 % growth rates AT&T As at March 1, 2004 Notes: 1 Excluding restructuring TELUS data based on 2002 & 2003 results Other results provided by Bloomberg, company, and analyst reports 13 BLS

global telecom performance Cash Flow (EBITDA 1 - Capex) % growth rates SBC As at March 1, 2004 Notes: 1 Excluding restructuring TELUS data based on 2002 & 2003 results Other results provided by Bloomberg, company, and analyst reports AT&TVZBT % Sprint

2004 corporate priorities and targets

priorities  reaching a collective agreement  growing brand value through superior customer service  revitalizing wireline growth  driving towards leadership in high-speed Internet  enhancing our leadership in wireless  embracing continual cost efficiency … leading the way into 2004

39  2%approx. $1.225BCapex  14 to 36%$1.05 to 1.25EPS  5 to 8% change EBITDA 1 Revenue 2004 targets $2.95 to 3.05B $7.45 to 7.55B 2004 targets reflect strong earnings & cash flow growth 2004 consolidated targets summary 1 Includes ~$30M in restructuring & workforce reduction costs in 2004 compared to $28.3M in EBITDA, adding Restructuring & workforce reduction costs, cash interest received and excess of share compensation expense over share compensation payments, subtracting cash interest paid, cash taxes, capital expenditures and cash restructuring payments.  34 to 46%Free Cash Flow 2 $1.13 to 1.23B  4 to 6%

40 continuing operational execution  2004 targets reflect:  healthy wireless & high-speed Internet growth  good EBITDA growth despite regulatory impacts  strong ~25% EPS growth  global telecom-leading cash flow growth  continued strong debt reduction delivering on our consistent and robust strategy since 2000

investor considerations

42 why invest in TELUS  delivering focused telecom growth strategy in Canada  track record of achieving public targets  leading national wireless provider  incumbent wireline generating robust cash flow  technology leadership in IP  Central Canada expansion increasingly profitable  global leader in earnings & cash flow growth

E global telecom performance projected EBITDA % growth rates As at March 1, 2004 Notes: TELUS data based on 2003 results & mid-point of 2004 targets Other estimates provided by Bloomberg, company and analyst reports % AT&TSBCVZSprint

E global telecom performance projected Cash Flow (EBITDA - Capex) % growth rates AT&T % BTVZKPNSBC As at March 1, 2004 Notes: TELUS data based on 2003 results & mid-point of 2004 targets Other estimates provided by Bloomberg, company and analyst reports FTSprint 0

investor relations telus.com

46 excellence in investor communications  annual report ranked 18 th by Corporate Essentials, “Annual Report of Annual Reports” – only global ranking of ARs  best in class for financial objectives - outlook  honourable mention for: executive stmt., business at a glance, financial highlights, and risk factors & management  nine years of disclosure excellence in corporate reporting awards by Canadian Institute of Chartered Accountants  IR website ranked 2 nd in both Canada and among global telecom companies by IR Web Report  member of DJSI for three consecutive years – only North American telecommunications company listed